November 10, 2011 / 9:24 PM / 7 years ago

UPDATE 1-IGM reports sharp rise in quarterly profit

Nov 9 (Reuters) - IGM Financial (IGM.TO), one of Canada’s largest mutual fund companies, said on Thursday its quarterly earnings rose sharply along with revenue and investment income.

The Winnipeg, Manitoba-based asset manager said net profit was C$244 million ($239 million), or 94 Canadian cents a share, in the third quarter, up 40 percent from C$173.4 million, or 66 cents a share, in the year-before period.

The jump in profit came as revenues from management fees, administration fees, distribution fees and net investment income rose. Total revenue was C$674.191 million, up from C$632.533 million in the year-before quarter.

Operating earnings at IGM, a division of the Montreal-based Desmarais family’s Power Corp (POW.TO) empire, were C$213 million, or 82 Canadian cents a share, up from C$181.1 million, or 69 Canadian cents, in the third quarter of last year.

$1=$1.02 Canadian Reporting by Pav Jordan; editing by Peter Galloway

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